SimpliSafe, a provider of DIY home security, announced that funds affiliated with Hellman & Friedman LLC have entered into an agreement to join forces with SimpliSafe CEO and Founder Chad Laurans to accelerate the company’s growth and expansion of the home security market.
The company calls itself “one of the country’s largest and fastest growing home security providers,” and claims to be now protecting more than 2 million Americans.
Chad Laurans, founder and CEO of SimpliSafe, said, “Home security is at an inflection point. Despite the market’s growth, today still only 20 percent of homes are protected. With innovative technology, unparalleled service and radically fair prices, SimpliSafe is rapidly making its vision of ‘every home secure’ a reality.”
Hellman & Friedman’s portfolio includes SnapAV, which is described as the Amazon of the home-technology channel, and Verisure/Securitas Direct, which is a European security giant. What this move means for SnapAV or SimpliSafe (or both) remains to be seen, but there are certainly significant synergistic possibilities between some of the companies in the portfolio.
The transaction is expected to close in the third quarter of 2018, subject to the waiting period under the HSR Act and other customary closing conditions. Additional terms were not disclosed.
Qatalyst Partners and Raymond James Financial served as advisors to SimpliSafe on the transaction and Goodwin Procter LLP acted as legal counsel to SimpliSafe. Simpson Thacher & Bartlett LLP acted as legal counsel to Hellman & Friedman. Kirkland & Ellis LLP served as legal advisor to Sequoia Capital.
